Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: John Pitera who wrote (4632)	1/23/1999 10:31:00 PM
From: bobby beara	Respond to of 99985

Hi John, the Prudent Bear Fund has an angled double top formation in September/October with a baseline on 9/23 & 10/23 of 6.65. The peak of the move in October was 9.51. The projection of this pattern is 4.79. We made 4.76 in the first week of January. Another way of looking at the inverted H&S pattern on the SPX is to use the angled tops across April/June/August as the baseline. These were shoulder resistance on the H&S pattern the caused the correction into September/October. Lets say former resistance has now become support. A line draw across the tops comes in around 1100 spx for the breakout point, which makes a projection to around 1277 which we made in the first week of Jan. Draw a trendline from the May 96 top in the SPX thru the 8/97 top and it intersects with April 98, July 98 and Jan 99. That's not to say that we couldn't have a rally and retouch that trendline after the current correction is over. bb

To: John Pitera who wrote (4632)	1/24/1999 3:50:00 AM
From: HairBall	Respond to of 99985

John Pitera: Well, this just keeps getting better...<g> Regards, LG